Many economists predict Canada’s economic growth in July was also flat.
All of this suggests there’s no need, for now, for the central bank to increase interest rates again on Wednesday.
That said, Canadians are still caught between a rock and a hard place, the rock being inflation, the hard place, higher interest rates. The Bank of Canada now predicts annual inflation won’t return to the target rate of 2% until mid-2025. Meanwhile, Canada’s unemployment rate increased for the third month in a row to 5.5% in July, an indicator of a slowing economy and yet another potential economic hazard — a severe economic recession as opposed to a mild one.
In other words, the economic roller coaster ride Canadians have been on for the past few years is far from over.
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